Sanlorenzo wants to raise its sails: in the purchase of Perini Navi in order to expand in the super yacht sector

The company from Ameglia is evaluating the possible purchase of the share capital of Perini Navi, which in turn is undergoing debt restructuring

24 May 2020 | by elora
sanlorenzo ships
Not just motors. With the purchase of Perini Navi, Sanlorenzo is also looking at sail-powered super yachts.

Sanlorenzo, the Italian shipyard famous for motor super yachts, is now looking to one of the large sailing companies, creating a financial plan that would allow it to further expand its presence in the super yacht market.

Sanlorenzo Spa, a ship building company whose head office is in Ameglia, in the province of La Spezia, is evaluating the purchase of part of Perini Navi Spa’s share capital, a company in Viareggio, world leader in the design and construction of super yachts, with 63 yachts launched, including 59 sail boats and 4 motorised.

In view of this operation, Sanlorenzo has obtained, from partners Fenix Srl, attributed to the Tabacchi family, and from Lamberto Tacoli the concession of a period of exclusivity in order to allow for due diligence. Perini Navi is currently owned by the Tabacchi family, by Lamberto Tacoli and its founder Fabio Perini. At the end of the process, if it is concluded, Perini Navi will have as its majority shareholder Sanlorenzo.

The process is in the evaluation phase and is subordinate to the positive result of due diligence and the detailed studies, which have just begun, in order to reach a binding agreement between the parties, and is subject to a number of conditions.

Perini Navi, a historic brand founded in 1983 is a world leader in the construction of sailing vessels over 40 metres long and is synonymous with excellence in the high end segment, just like Sanlorenzo is in motor yachts. Different segments, business sizes and paths, brought together, however, by the same fundamental values, represented by a limited number of vessels made each year, characterised by an inimitable design made to measure with the highest quality for sophisticated international clientèle.

This would therefore be an operation in line with the Sanlorenzo business model, which has demonstrated and is demonstrating its effectiveness, and would allow the shipyard in Ameglia to expand its range of business activities and further consolidate its presence in the super yacht sector.

The operation will be studied in depth by the parties during the exclusivity period, “completely open – says a statement issued by Sanlorenzo – and in harmony.” This will allow Sanlorenzo to evaluate the costs and possible partnerships and to evaluate their interest in concluding the operation.

A few hours before the announcement from Sanlorenzo, the board of directors for Perini Navi announced in turn that it was undergoing a period of debt restructuring in order to protect its operation and continuity, petitioning the Court in Lucca.

Perini Navi is looking for tools to manage the crisis and overcome financial tension, aggravated by the emergency situation brought on by Covid-19 and its impact on all markets. “The Board – says the statement – wants to preserve the business and company history, continuing important current orders and ensuring the best possible solution for creditors, in accordance with the plan we are undertaking”.

 

Giuseppe Orrù

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